Bank of America Sells Entire China Construction Bank Stake

NEW YORK ( TheStreet) -- Bank of America ( BAC) plans to sell its entire stake in China Construction Bank for up to $1.5 billion, The Wall Street Journal reported, citing a term sheet seen by the newspaper.

Bank of America will exit the investment it made in China's second-biggest bank eight years ago, the Journal noted.

Bank of America is selling 2 billion Hong Kong-listed shares in a range of 5.63 Hong Kong dollars (73 U.S. cents) to HK$5.81 each, which represents a 2.0%-5.1% discount to Tuesday's closing price of HK$5.93, the Journal reported.

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